An agency under the Ministry of Science, Technology and Innovation (MOSTI), MDV provides financial assistance to sustain the cash flow for startups, as well as maintaining the continuity of the business operations of the selected companies. The TSFRF initiative is expected to benefit between 60 to 80 local technology startup companies, according to Science, Technology and Innovation minister Khairy Jamaluddin.
The minister explains that the initiative would ease the burden of startups and ensure legal fees and additional costs are exempted. These provisions are channeled to startup companies in the form of loans, grants, capacity development initiatives, operations support, market access and more.
ā Tengku Zafrul š²š¾ (@tzafrul_aziz) May 8, 2020 He added that the application process is made simple, thus allowing for shorter processing time, assessment period and quick disbursement ā without compromising the credit assessment aspects from MDV. Khairy also stated that companies interested in applying for the TSFRF must fulfill four criterias in order to be eligible. Startups must have good strategic position, competitiveness position, growth potential and credit assessment. The TSFRF initiative is slated to start on 15 May 2020. Additionally, Minister of Finance Tengku Zafrul Aziz also stated the MoF would consider increasing the financing facility if the number of applications for the initiative is high. (Source: Khairy Jamaluddin / Tengku Zafrul / MDV / Bernama)
